Bitcoin undecided in short term, 27,549 as key resistance
May 23, 2023 9:23 pm
The price of Bitcoin continues to move sideways in the short term. It’s trading at 27,172 at the time of writing. It seems undecided in the short term, that’s why we have to wait for a fresh trading opportunity.
In the last 24 hours, BTC/USD is up by 1.07% and by 0.35% in the last 7 days. After the current range, the cryptocurrency should register a broader move.
BTC/USD Range!
Technically, BTC/USD is trapped between 27,549 and 26,193 levels. The crypto is fighting hard to stay above the lower median line (lml) which represents dynamic support.
After escaping from the minor down channel, Bitcoin was expected to rebound. Still, it remains to see how it will react. The current range may represent a bullish formation. Its failure to reach and retest 26,193 signaled strong upside pressure.
BTC/USD Forecast!
Staying near 27,549 signals an imminent breakout. Jumping and closing above 27,549 activates further growth and represents a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
The price of Bitcoin continues to move sideways in the short term. It’s trading at 27,172 at the time of writing. It seems undecided in the short term, that’s why we have to wait for a fresh trading opportunity.
In the last 24 hours, BTC/USD is up by 1.07% and by 0.35% in the last 7 days. After the current range, the cryptocurrency should register a broader move.
BTC/USD Range!
Technically, BTC/USD is trapped between 27,549 and 26,193 levels. The crypto is fighting hard to stay above the lower median line (lml) which represents dynamic support.
After escaping from the minor down channel, Bitcoin was expected to rebound. Still, it remains to see how it will react. The current range may represent a bullish formation. Its failure to reach and retest 26,193 signaled strong upside pressure.
BTC/USD Forecast!
Staying near 27,549 signals an imminent breakout. Jumping and closing above 27,549 activates further growth and represents a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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